Xiang Junbo at the news briefing in Beijing [Photo: The State Council Information Office]

China's insurance regulator has vowed to crack down speculators in the industry and stabilize the market.

Xiang Junbo, chairman of the China Insurance Regulatory Commission, said at a news briefing in Beijing that the CIRC will not allow the insurance industry to become a "rich man's club", adding that insurers should carry responsibilities for the society, the public and the real economy.

The chairman said insurers should work to improve the country's welfare system, assist in poverty alleviation, and support the real economy.Since last year, the watchdog has laid out several moves to curb short-term and high-return insurance policies and restrict insurers' acquisitions of listed companies.

Rapid sales of investment-type policies had enabled insurers to put money into the stock market, which is said to be one of the reasons for the volatility seen in the stock market in recent years.

China's insurers were also on a buying spree of both domestic and overseas companies in recent years.

Anbang Insurance made a number of large acquisition deals overseas including buying New York's Waldorf Astoria hotel.

China's developer Vanke was also involved in a fight with investors from the insurance industry who tried to buy large and even a controlling stake in the company.

But in January, the CIRC issued new rules banning them from jointly acquiring listed companies with investors from other industries.